Senior Citizen Deposits

KVB offers term deposits with both cumulative and non-cumulative options for the senior citizens. Moreover, senior citizens are eligible for a preferential rate of interest.

Features and Benefits
  • Resident Indians who have completed 60 years of age are eligible to deposit.
  • Both cumulative and non-cumulative options are available.
  • Deposits are eligible for preferential interest rates for maturity period of one & above and up to five years.
  • Loan available on deposit.
  • Premature closure is allowed, subject to the applicable norms.
Terms and Conditions
  • Proof of age has to be produced.
  • Preferential rate of interest is applicable only for maturity period of one year and above. This rate holds up to five years max.
  • The maximum ceiling limit for extending the preferential rate of interest is Rs. 3 crores in aggregate per depositor.
  • Interest is subject to TDS.
  • Nomination is compulsory.
Interest Rate
Time Bucket Revised interest (Less than Rs. 2 Crores) (w.e.f. 01.07.2019)
1 Year to less than 2 Years 7.60%
2 Years to less than 3 Years 7.55%
3 Years to 5 Years 7.50%
KVB - Tax Shield Deposits 7%

Flexi Term Deposits

Time Bucket Revised Rate (w.e.f. 01.07.2019)
300 Days 6.50%
Senior Citizen rates are not applicable to NRI.
Kindly contact the nearest branch for deposits above Rs. 2 Crores.

Penal Interest on pre-closure of deposits:

  • Up to Rs. 2 Crores of deposit – Penalty of 1% from applicable ROI.
  • Above Rs. 2 Crores of deposit – Pre-closure Penalty norms applicable.
  • Interest will be calculated at the rate applicable for the period the deposit has actually remained with the bank. The rates are subject to change without notice.

To check Interest rate: Click here

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